Denver Powers of Attorney

Powers of attorney are key components of any estate plan. These legal documents allow you to designate a trusted person to make financial and health care decisions for you. A power of attorney is used if you become incapacitated and unable to make decisions yourself. If you do not yet have a power of attorney, the sooner you remedy the situation, the better. Contact a Denver power of attorney lawyer at Colorado Estate Matters, Ltd. to discuss legal assistance and all your estate planning matters with powers of attorney and all your estate planning matters.

Why Choose Colorado Estate Matters, Ltd.?

We have more than two decades of experience handling the full range of estate law matters for our clients.
Our Denver estate planning attorneys can visit you at home or in a hospital or nursing home if you request it. It is about trying to make the process as convenient as possible for our clients.
Justin W. Blow can assist you with probate, will contests and issues regarding common law spouses.

What Are Powers of Attorney?

A power of attorney is a legal document that grants legal rights and powers by a person (principal) to another person (agent or attorney-in-fact) to make decisions on behalf of the principal. The agent makes decisions based upon the principal’s preference pursuant to the authority granted in the power of attorney. The agent may not override the principal.

How We Approach Powers of Attorney

At the law firm of Colorado Estate Matters, Ltd., we do more than draft these important legal documents for clients in the south Denver metro area and throughout Colorado. We also explain the decision-making process that should go into your designation of a power of attorney. You can designate one person to make health care decisions for you and another person to make financial decisions.

Who Needs Powers of Attorney in Denver?

Everyone over the age of 18 should be capable of managing his or her own affairs. Regrettably, accidents and illnesses can render any one of us incapable of being able to do so. This could be temporary or long-term. Powers of Attorney are the way you designate WHO will be your ‘back-up” decision-maker and the tool by which your chosen “back-up” can make decisions for you when necessary.

What Is a Durable Power of Attorney?

With a durable power of attorney, an agent can make decisions even if the principal becomes incapacitated. In Colorado, powers of attorney executed after January 1, 2010, are durable unless the document states that it is terminated by the incapacity of the principal. Powers of attorney signed before January 1, 2010, must contain language stating that the power of attorney will not be affected by the disability of the principal to be durable.

Why You Need a Durable Power of Attorney

If an accident or illness should leave you incapacitated, your designated agent can step in immediately to make decisions on your behalf without going through expensive, time-consuming guardianship or conservatorship proceedings in court. Preparing a durable power of attorney in advance allows you to decide who will be making decisions for you and saves your family stress and expense.

When Does a Power of Attorney Become Effective in Denver?

The document directs how and when a power of attorney takes effect. The two primary ways in which this occurs are:

Springing power: The power of attorney takes effect only when an event described in the document takes place. Generally, this is when the principal becomes incapacitated, as determined by a licensed physician.
Standing power: The document becomes effective immediately after it is signed by the principal.

Springing power and standing power can be blended in a single power of attorney. For example, the principal may direct that if his or her spouse is acting as an agent, the power of attorney is standing; but if the spouse is unable to act, the successor agent’s power is springing.

Is a Power of Attorney Revocable in Denver, CO?

As long as you are not incapacitated, you can revoke a power of attorney at any time. The only thing required to accomplish this is to send a letter to your agent notifying him or her that the appointment has been revoked. A copy of this letter should be sent to any person or institution that received notice of the original power of attorneys, such as your doctor or your bank. This step is necessary because individuals and institutions may continue to rely on the power of attorney without notice that it has been revoked.

Why You Need a Power of Attorney in Denver As Soon Possible

A Power of Attorney is like a vaccine, you need to have it before you need it. Regrettably, many times people come to an attorney AFTER a problem has occurred:

A car accident leaves a family member incapacitated, unable to write checks or make financial or health care decisions
Dementia leaves a parent unable to make reasonable decisions regarding his or her care
An illness leaves a business owner unable to run the business and make crucial decisions

You may assume that another family member, especially a spouse or a parent, can just step into the incapacitated person’s shoes and make decisions. However, banks, nursing homes, and institutions think differently. Without a valid power of attorney, your family may well need to go through costly and time-consuming legal proceedings to obtain guardianship or conservatorship of the incapacitated person.

A power of attorney is something that should be done before it is too late. Once you are incapacitated, you lack the legal capacity to create this designation. Powers of Attorneys are like vaccines, you need to have them before you need them.

Learn about living wills for end-of-life decisions.

Call A Denver Power of Attorney Lawyer Today for a Free Consultation

Call Colorado Estate Matters, Ltd. at (303) 713-9147 & speak with a Colorado estate planning lawyer specializing in powers of attorney. You may also fill out the contact form on this website to schedule a no-cost, no-obligation consultation.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.

What is probate in Colorado?

Probate in Colorado is the legal process by which a deceased person’s assets are distributed and their debts are paid under court supervision.

When is probate necessary in Colorado?

Probate is typically required when a person dies with assets solely in their name, and those assets exceed a certain value, or there’s any real estate. The threshold amount changes over time, so checking the current limits is essential.

How do I start the probate process in Colorado?

To initiate probate in Colorado, you need to determine if formal probate is required, and then file an Application or a Petition (as well as the necessary ancillary documents) with the appropriate court, depending on the circumstances.

What assets are subject to probate in Colorado?

Generally, assets that are solely owned by the deceased, such as real estate, bank accounts, and personal property, are subject to probate. Jointly owned assets with rights of survivorship, assets held in a trust, and assets with designated beneficiaries typically bypass probate.

How long does the probate process take in Colorado?

The duration of probate in Colorado can vary depending on the complexity of the estate and any disputes that may arise. Often it takes a year or more to complete.

What are the costs associated with probate in Colorado?

Probate costs in Colorado can include court fees, attorney fees, personal representative fees, and other administrative expenses. These costs can vary based on the size and complexity of the estate.

Can I avoid probate in Colorado?

Yes, there are strategies to avoid probate in Colorado, such as creating a revocable living trust, using beneficiary designations on assets like life insurance policies and retirement accounts, and jointly owning property with rights of survivorship.

What are the rights and responsibilities of a personal representative in Colorado?

The personal representative (executor or administrator) is responsible for managing the estate, paying certain debts and taxes, and distributing assets to beneficiaries in accordance with the law and the deceased person’s will (if one exists).

How are disputes handled in Colorado probate cases?

Disputes in Colorado probate cases can be resolved through mediation, negotiation, or litigation in court if necessary. Common disputes may involve the validity of the will, claims by creditors, or disagreements among beneficiaries.

Is estate tax a concern in Colorado probate?

Colorado does not have a state-level estate tax, but federal estate tax may apply to larger estates. It’s important to consider federal tax implications when dealing with an estate.